Veros Chooses Zaio As Preferred Appraiser
Mar 16, 2008
Partnership points to valuation company's flourishing appraisal technology database of property records nationwide, helps lenders obtain traditional appraisals
Dallas, TX - March 16, 2008 - Zaio Corporation (TSX-V: ZAO) and its Scottsdale, Ariz.-based subsidiary Zaio Inc. announced it has reached an agreement with Veros Real Estate Solutions through a strategic partnership to offer Zaio's services nationwide. Under the partnership, Veros will offer Zaio's appraisal services to its customers, allowing access to valuation information of properties around the country through Zaio's secure database. Veros' rules based platform, VeroSELECT will also offer upgrades to appraisal products from Zaio. As a Veros preferred appraiser, Zaio will develop an interface to Veros' VeroSELECT, a collateral risk management platform. The system gives lenders control of collateral risk strategies with the secure selection, acceptance and management of services, vendors, users and their own business processes. The decision management platform provides access to a full range of collateral risk solutions, including AVM products, broker price opinions, and now appraisal solutions with Zaio, collateral fraud tools and hybrid products and services. Veros also provides users access to Zaio's AVM, i-Val Report™.
"Being able to provide access to appraisal products will give our lender and investor customers the edge they need in this critical and challenging market," said Darius Bozorgi, president and CEO of Veros. "Zaio's services will go a long way in giving the industry what it needs to make more informed decisions with a full spectrum of valuation products."
Zaio currently provides a full range of real estate valuation and appraisal services to nearly 500 lenders in all 50 states. The company also manages a nationwide network of licensed, local appraiser experts. "Developing relationships with companies such as Veros will give us even more traction in the industry," said Thomas Inserra, CEO of Zaio Corporation. "The fact that Veros is willing to offer our appraisal services to their current and new customers means they believe in the technology and the services we provide. And because we are on the cusp of a great wave of change in the mortgage industry, the valuation services we offer with our proven technology and relationships like this one will go a long way in redefining how the industry does business."
In addition to its relationship with Veros, Zaio partners with local licensed appraisers across the nation, who are experts in their local markets. Earlier this year, the company launched Zaio Valytics 2.0, which allows appraisers to efficiently inspect and appraise every home in an entire region known as a "Zone," which typically contains about 10,000 properties. Appraisers then update the value of every home regularly in real time as supply and demand in the market changes, and as the condition of homes change. Appraisers store those appraisals in a secure database known as the Appraisal Knowledge Warehouse™.
Zaio currently supplies a full range of real estate valuation services to nearly 500 lenders in 50 U.S. states. Zaio maintains a secure database of 140 million property records and is now site-verifying property information, photos and appraisals of virtually every property in America. Zaio's network of premier, local appraiser experts photograph, inspect, and appraise entire cities, one building at a time using a proprietary "GeoScore(TM)" rating system. Zaio is a public corporation that trades under the symbol "ZAO" on the TSX-V Exchange. Additional information is available for U.S. investors under the symbol "ZAOFF". For additional information visit www.zaio.com.
About Veros Real Estate Solutions:
Veros Real Estate Solutions, a proven leader in enterprise risk management and collateral valuation services, uniquely combines the power of predictive technology, data analytics and industry expertise to deliver advanced automated decisioning solutions. Veros products and services are optimizing millions of profitable decisions throughout the mortgage industry, from loan origination through servicing and securitization. Veros provides solutions to control risk and increase profits including automated valuations, fraud and risk detection, portfolio analysis, forecasting, and next-generation collateral risk management platforms. Veros is headquartered in Santa Ana, California. To order the VeroFORECAST update or receive information on other Veros analytic products and systems, visit www.veros.com or call (866) 458-3767.